ArabFinance: The Financial Regulatory Authority (FRA) has approved in principle the publication of the invitation of El Obour Company for Real Estate Investment’s (OBRI) major shareholders to subscribe into the remaining offered shares of the rights issue, according to a statement filed to the Egyptian Exchange (EGX).

The remaining offered shares amount to 1.121 million shares at a nominal value of EGP 5 per share.

It is worth noting that the first phase of the rights issue was oversubscribed at a coverage ratio of 90.49%, where almost 10.63 million shares out of 11.75 million shares were oversubscribed at a total value of EGP 54.43 million.

The company’s issued capital is set to increase to EGP 88.142 million from EGP 29.38 million.

The capital increase amounts to EGP 58.76 million distributed over 11.75 million shares at a par value of EGP 5 per share, in addition to, issuance expenses of EGP 0.12 per share.

Established in 1994, El Ebour operates within the real estate sector, focusing on diversified real estate activities.